Tim Tremblay Embroiled in Suitability Disputes

Tim Tremblay (CRD# 1201542[1]), a broker registered with Centaurus Financial, sold unsuitable investments, according to recent investor disputes. MDF Law is investigating the Santa Barbara, California-based financial professional for similar conduct. If you have concerns regarding your accounts, contact us for a free consultation.

To learn more about the Tremblay Financial Services representative, continue reading this post. The information herein is based on a February 13, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) resource.

Pending Disputes Seek More than $1 Million

Three parties of investors filed disputes involving Mr. Tremblay between 2022 and 2024. All three allege that he recommended “unsuitable, high-risk, and illiquid” investments, including corporate bonds and real estate securities. The disputes, which remain pending, seek at least $1.3 million in cumulative damages.

Tim Tremblay Denies Allegations

Mr. Tremblay issued identical statements defending against each of the pending disputes, according to his BrokerCheck profile. In these statements, he “vehemently” denied wrongdoing, deemed the allegations “meritless,” and asserted that the investments in question were suitable for the customers. “The customers confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments,” he claimed. “At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

Past Disputes Settled by Firms

Between 1989 and 2015, six parties of investors filed disputes that resolved either with settlements to the investors or an arbitration award. These disputes alleged omission of material information, misrepresentation of investments, unsuitable recommendations, improper investment of a customer’s portfolio, forgeries, unauthorized trading, and breach of fiduciary duty. In one claim, an arbitration panel issued an award of $168,630 to the customer. In the others, his current and former member firms settled the allegations for a total of more than $150,000. 

SEC Files Pending Action Against Tremblay

On August 24, 2023, the Securities and Exchange Commission (SEC) filed an enforcement action against Mr. Tremblay. According to his BrokerCheck record, the complaint alleges that he may have violated the SEC’s Best Interest regulation by failing to comply with its Care Obligation. As the SEC explains[2], this obligation encompasses a number of duties involved in ensuring that investment recommendations are suitable for a customer. The SEC action against Mr. Tremblay, which relates to corporate bond products, remains pending.

FINRA: Tremblay Financial Services Broker Based in Santa Barbara

Tim Tremblay launched his career as a broker in 1983, when he registered with Prudential Securities’ office in New York City. Over the subsequent years, he worked at firms like Smith Barney and Washington Square Securities. He joined his current member firm, Centaurus Financial, in 2003. He has worked out of its Santa Barbara office since, doing business as Tremblay Financial Services. With 40 years of experience as a broker, he has completed five industry exams, including the Series 24 and the Series 65.

MDF Law Can Help You Recover Losses

MDF Law’s team of seasoned investment fraud attorneys has recovered millions in investment losses for our clients. We take cases on contingency—clients only pay a fee if they win—and offer free consultations nationwide. If you suffered losses on investments recommended by Tim Tremblay, call 800-767-8040 to speak with an attorney.